New gasoline prices in Egypt. An expert explains the final position before the new decision

10/07/2020 Egypt, World



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The Egyptians are awaiting the outcome of the fifth meeting of the Committee on Automatic Pricing for Petroleum Products, which is tasked with reviewing and determining New gasoline prices The sale of some petroleum derivatives on a quarterly basis and the application of the announced price equation, during the next few hours, provided that the announcement of the new price is no later than October 10.
Dr. Ramadan Abu Al-Ela, Vice President of Pharos University in Alexandria, hoped, in exclusive statements to “Echo of the Country”, that she would not testify Gasoline prices Any change, and that tends to stability, because according to international prices, the dollar price and production rates, there is no reason to increase or decrease prices in the direction of stabilization is likely in this period.

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It should be noted that during the last meeting, the committee reviewed the average global crude prices and the exchange rate of March / June 2020 compared to the period January / March 2020, taking into account that the price equation and the Declared standards for committee work require price adjustments up and down with a maximum of 10% just to protect consumers and balance. State of both.

In light of the exceptional and unprecedented circumstances it is going through Oil markets Both global, global and local economic conditions as a result of the emerging crisis of the Corona virus, and with the expectation that the sharp fall in world oil prices will not continue, it has been decided to save part of the savings achieved by the reduction of costs to face the expected increase in costs during the next period, as well as to face the greater burden of facing the consequences of the Crown crisis. .

Gasoline price in Egypt now

On Wednesday, July 8, 2020, the Egyptian government decided to set the latest prices of petroleum products in the local market, for a period of three months from July to September 2020, following a recommendation from the Automatic Prices Committee to petroleum products, and according to the decision, the sale price of gasoline products was preserved. Of its three types: 6.25 pounds for a liter of gasoline 80, 7.50 pounds for a liter of gasoline 92, 8.50 pounds for a liter of gasoline 95 and 6.75 pounds for a liter of diesel.

Reasons for the New Gas Prices

This decision was the fourth of the committee after applying the automatic price mechanism to the majority Petroleum products After reaching the cost price in July 2019, after implementing a program to raise subsidies for these products for several years, where the committee’s decision regarding prices is determined quarterly, based on the variation in prices. international average Brent crude oil, and also the variation of the pound exchange rate. During the three months prior to setting the new price.

Petroleum Products Price Committee

The committee said in a statement at the time that its pricing recommendations emerged in light of the exceptional situations the world is facing as a result of the negative impact of the Corona pandemic on global economic activity and oil markets. and energy, especially during the period (April / June 2020), and indicated that there were strong fluctuations in prices. Global Petroleum and the almost total cessation of economic activity in many countries in the world given the uncertainty that reigned during that period.

The committee clarified that it has reviewed the expectations of all international institutions and international expert houses that expect an effective increase in Brent crude prices during the third quarter of 2020 compared to the prices that prevailed in the second quarter of the same year, and affirmed that maintaining the sale prices of petroleum products will help to maintain stability. Prices in the local market were saved from the impact of large fluctuations in international prices.



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